GBP/USD falls back below 1.30 on conflicting Brexit reports

The British Pound is feeling the pull of gravity on Telegraph report.
The GBP/USD is back below 1.30, having hit a high of 1.3023 earlier today.

Omkar Godbole FXStreet Contributor

The British Pound is witnessing a solid two-way business in Asia.

The currency pair found bids in early Asian in response to a Sunday Times report stating that Prime Minister May has planned an all-UK customs deal with the EU, which would resolve the Irish border issue.

The optimism, however, was short-lived as May's office dismissed that report as speculation. Further, the Telegraph reported that British Brexit Secretary Dominic Raab on Tuesday privately demanded the right to pull Britain out of a "backstop" arrangement for the Irish border after three months. That pitch may not be acceptable to the European Union.

These conflicting reports are complicating matters for the GBP traders. At press time, the currency pair is trading at 1.2990, having clocked a high and low of 1.3023 and 1.2986, respectively.

The psychological level of 1.30 has been put to test since Thursday, but a convincing close above that level has so far remained elusive.

GBP/USD Technical Levels

GBP/USD

Overview:
    Last Price: 1.2992
    Daily change: 24 pips
    Daily change: 0.185%
    Daily Open: 1.2968
Trends:
    Daily SMA20: 1.3003
    Daily SMA50: 1.3021
    Daily SMA100: 1.3042
    Daily SMA200: 1.343
Levels:
    Daily High: 1.3042
    Daily Low: 1.2952
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.2986
    Daily Fibonacci 61.8%: 1.3008
    Daily Pivot Point S1: 1.2932
    Daily Pivot Point S2: 1.2896
    Daily Pivot Point S3: 1.2841
    Daily Pivot Point R1: 1.3023
    Daily Pivot Point R2: 1.3078
    Daily Pivot Point R3: 1.3114

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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